FX.co ★ ETHUSD Potential For Bullish Rise to overlap resistance

Description :

Looking at the H4 chart, my overall bias for ETHUSD is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. Looking for a buy stop entry at 1742.50, where the recent high is to ride the bullish momentum. Stop loss will be at 1658.36, where the overlap support and 23.6% Fibonacci line is. Take profit will be at 28686.37 where the previous swing high was.

Trading Recommendation

Entry:1742.50

Reason for Entry: Recent high is to ride the bullish momentum

Take Profit: 28686.37

Reason for Take Profit: Previous swing high is

Stop Loss: 1658.36

Reason for Stop Loss:

Overlap support and 23.7% Fibonacci line